SAN FRANCISCO – Guardant Health has announced a 31% increase in revenue, reaching $737 million in its preliminary 2024 earnings report, surpassing both Wall Street’s expectations and the company’s own forecast.
The report provides an early glimpse of Guardant’s performance ahead of its full annual earnings release in February. It also marks the company’s fourth-quarter results, which included the first full quarter of sales for Guardant’s Shield blood test for colorectal cancer screening. The test, approved by the FDA last summer and priced at $920, has already generated $4 million in sales from approximately 6,400 tests performed.
Guardant shared these results at the start of the J.P. Morgan Healthcare Conference in San Francisco, where it also plans to present to investors later today. The company’s earlier guidance had projected 2024 revenues between $720 million and $725 million, aligning with Wall Street’s consensus.
The company reported selling approximately 206,700 cancer tests in 2024, excluding the Shield test, marking a 20% increase year-over-year. Additionally, Guardant conducted about 40,500 tests for biopharma companies in clinical studies, a 35% increase compared to the previous year.
“We delivered key milestones across the portfolio in 2024 and completed the upgrade of Guardant360 LDT to our Smart Liquid Biopsy platform,” said Helmy Eltoukhy, Guardant’s co-founder and co-CEO. “Looking ahead, we believe we are well positioned to continue driving growth in our oncology business.”
In the fourth quarter, oncology and biopharma test volumes rose by 24% and 16%, respectively, to approximately 57,300 and 11,050 tests. This contributed to $200 million in revenue for the quarter, a 29% year-over-year increase.
The Shield test, launched to screen individuals aged 45 and older at average risk for colorectal cancer, directs patients toward colonoscopies or more intensive screening methods. Guardant has estimated that 50 million people in the U.S. are overdue for recommended screenings, including 25 million Medicare beneficiaries. The company projects that if Shield is adopted as a triennial test, it could eventually process more than 16 million samples annually.
“We are extremely pleased with the strong traction and support we saw in the first full quarter of commercial launch of Shield,” said AmirAli Talasaz, co-founder and co-CEO. “Given this success, we are focused on rapidly growing our commercial infrastructure to capture the massive opportunity ahead.”
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